Tax - Law Dictionary Search Results
Home Dictionary Name: tax Page: 4It shall be lawful
It shall be lawful, according to s. 105(1) of the Companies Act, 1913 'It shall be lawful for a company to pay a commission to any person in consideration of his subscribing' for shares in it. The words 'it shall be lawful' are enabling words. They are used in a statute when it is intended to permit something to be done which previously could not legally be done, Madanlal Fakirchand Dudhediya v. Shree Changdeo, AIR 1962 SC 1543 (1557): 1962 Supp (3) SCR 973. [Companies Act, 1913, s. 105(1)]...
Net Tax
Net Tax, in relation to any period, means - (a) in case of a registered dealer, the amount of output tax in excess of the input tax credit claimed by such registered dealer in accordance with the provisions of the Act and the rules made thereunder, (b) in case of any dealer other than a registered dealer, the amount of output tax. [West Bengal Value added Tax Act, 2003, s. 2(23)]...
Penalty sale tax
Penalty sale tax, penalty is not merely sanction. It is not merely adjunct to assessment. It is not merely consequential to assessment. It is not merely machinery. Penalty is in addition to tax and is a liability under the Act, Khemka & Co. (Agencies) Pvt. Ltd. v. State of Maharashtra, AIR 1975 SC 1549: (1975) 3 SCR 753: (1975) 2 SCC 22....
Property-tax
Property-tax, an annual tax, called also 'Income Tax,' on the income of every person, except where below a certain figure. See INCOME TAX and Chit. Stat., tit. 'Property Tax'; and consult the works of Dowell, or Robinson....
Tax and imposition of tax
Tax and imposition of tax, there is a difference between the tax and the imposition of the tax. The former is the levy itself and the latter the method by which the levy is imposed and collected, Municipal Board v. Raghuvendra Kripal, AIR 1966 SC 693 (696): (1966) 1 SCR 950....
Tax due
Tax due, means the amount of tax which remains unpaid after the expiry of the date specified in the notice of demand issued in this behalf under this Act or the rules made thereunder. [West Bengal Value Added Tax Act, 2003, s. 2(46)]Tax due, refers to an ascertained liability. However the meaning of the Words 'taxes due' will ultimately depend upon the context in which these words are used, Harshad Shantilal Mehta v. Custodian, AIR 1998 SC 2291. [See also Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, s. 11(2)(a)]Tax due, usually refers to an ascertained liability, Harshad Shantilal Mehta v. Custodian, (1998) 5 SCC 1....
Tax stradle rule
Tax stradle rule, means the rule that a tax-payer may not defer on tax liability by investing a short-term capital gain in a commodities for future option i.e., investment vehicles whose values formerly did not have to be recorded at the end of the year, to create the appearance of a loss in the current tax year, Black's Law Dictionary, 7th Edn., p. 1475.Means good other than those specified in Sch. A. [West Bengal Value Added Tax Act, 2003, s. 2(47)]...
Window tax
Window tax, a tax on windows, levied on houses which contained more than six windows, and were worth more than 5l. per annum; established by 7 Wm. 3, c. 18. The 14 & 15 Vict. c. 36 substituted for this tax a tax on inhabited houses, which tax has been repealed. See HOUSE DUTY...
tax stamp
tax stamp : a stamp affixed to an item as evidence that a tax on it has been paid ;esp : one that the dealer of a controlled substance is required to purchase by payment of a tax according to a state law [an additional count of failure to purchase a tax stamp] ...
Taxes on lands and buildings
Taxes on lands and buildings, 'taxes on lands and buildings' should be construed as taxes on land and taxes on buildings and there is no reason for restricting the amplitude of the language used in the Entry, Assistant Commissioner of Urban Land Tax v. Buckingham and Carnatic Co. Ltd., AIR 1970 SC 169 (177): (1969) 2 SCC 55: (1970) 1 SCR 268. [Constitution of India, Sch. III, List II, Entry 49]...
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